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NOMINAL PRODUCTION: The market value of all production measured in current, actual prices. Nominal production is typically measured with nominal GDP.
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SAVING FUNCTION A mathematical relation between saving and income by the household sector. The saving function can be stated as an equation, usually a simple linear equation, or as a diagram designated as the saving line. This function captures the saving-income relation, the flip side of the consumption-income relation that forms one of the key building blocks for Keynesian economics. The two key parameters of the saving function are the intercept term, which indicates autonomous saving, and the slope, which is the marginal propensity to save and indicates induced saving. The injections-leakages model used in Keynesian economics is based on the saving function.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Chance favors only the prepared mind." -- Louis Pasteur, biologist
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BVAR
Bayesian VAR (Vector Autoregression)
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